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After Navigation
Home Plan for College Paying for College How to Pay for a Second Bachelor's Degree
  • Contents
  • FAFSA for a Second Degree
  • Type of Aid for a Second Undergraduate Degree
  • Other Types of Financial Aid for a Second Undergraduate Degree
  • Ways to Afford a Second Bachelor’s Degree

How to Pay for a Second Bachelor's Degree

Photo of Elaine Rubin
By Elaine Rubin
July 15, 2022
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Pursuing a second degree may be a great opportunity for your current career or even a career change. While many pursue a master’s degree after completing undergraduate studies, you may find yourself in a position where earning a second undergraduate degree is a better fit for your goals. 

There are many reasons you may want to pursue a second bachelor’s degree, like changing your job field or obtaining the academic expertise for your chosen career path. Whatever the reason, there are ways to secure financial aid to help obtain your second undergraduate degree, starting with completing the Free Application for Federal Student Aid (FAFSA®). 

FAFSA for a Second Degree

Completing the FAFSA is almost always the first step to obtaining financial aid. While you may be more limited in the type of funds you are able to receive, you could be eligible for some forms of federal student aid, as well as potentially financial aid through your school and state. 

You would take the same steps to complete the FAFSA for your second degree as you did for your first. You will need to log in using your FSA ID and follow the prompts. One notable change to the way you will answer the questions, you will answer “Yes” for the following question “Will you have your first bachelor’s degree before you begin the 2022 - 2023 school year?” This answer will ensure that your school awards your financial aid appropriately. And unfortunately, that means it will eliminate your eligibility for the Federal Pell Grant. 

Type of Aid for a Second Undergraduate Degree

The types of federal student aid you are eligible for can be limited because you already received a bachelor’s degree. That said, let’s go over the general types of federal aid and how your eligibility is impacted for this go around. 

Federal Grants for a Second Undergraduate Degree

All federal grants, including the Federal Pell Grant, FSEOG, Iraq/Afghanistan Service Grant, will no longer be an option for students who have already earned a bachelor’s degree. The school is required to uphold this rule and will not be able to offer you federal grants for your second undergraduate degree. It may be worthwhile to look for private scholarship opportunities to help cover the cost of your second degree with “free money”.  There are number of scholarship opportunities out there and many do not require they be for your first bachelor’s degree.  

Federal Student Loans for a Second Undergraduate Degree 

You may have the opportunity to borrow federal student loans to pay for your second undergraduate degree. For federal loan eligibility, you need to be concerned with your previous borrowing history for your previous undergraduate degree. Why? Well, most federal student loans have aggregate borrowing limits. If you are close to your undergraduate aggregate loan limit, you may be limited in the amount of federal money you can borrow for your second degree.

Federal Direct Stafford Loan limits for a dependent undergraduate student is $31,00 of which no more than $23,000 can be used as subsidized loan funds. 

Federal Direct Stafford Loan limits for an independent undergraduate student is $57,500 of which no more than $23,000 can be used as subsidized loan funds. 

If you were considered a dependent student for FAFSA purposes for your first undergraduate degree, and now you are considered an independent undergraduate student, you will have additional loan eligibility available. In addition, if you have made payments on your loan and reduced your loan balance, you may have opened up additional funds you can borrow from in the Direct Stafford Loan program. 

If you are interested in using a Graduate PLUS Loan to pay for your second undergraduate degree, unfortunately you will be unable to access those funds. Even if you have already earned a master’s degree or completed graduate or professional level credentials, you are awarded financial aid based on the level of program you are currently attending. Meaning, if you are enrolled in an undergraduate degree, you will only be eligible for undergraduate student loans. 

If you are hoping to borrow a private student loan to help cover the costs of your second bachelor’s degree, you may want to review your private student loan options. When used responsibly, private student loans may help you cover the costs of your continued education. 

Federal Work-Study for a Second Undergraduate Degree

The fact that you already earned a bachelor’s degree will not affect your eligibility for federal work-study. While your financial aid office needs to determine your eligibility, work-study may be an option for you to pay for college costs while you earn your second bachelor’s degree. 

While you may be eligible for federal work-study, you don’t have to accept the award. If you are already working full-time and earning a decent salary, it may be worth it to keep your job while you go back to school. While federal work-study jobs are required to pay at least minimum wage, you may find the hourly pay rates do not meet your income requirements or needs. 

Other Types of Financial Aid for a Second Undergraduate Degree

We’ve gone over some of the limited options offered by the federal student aid programs. It’s great if your federal aid options help you cover the costs for your program, but if you need more funds there are a few more options to explore. 

State and Institutional Financial Aid 

While you may be wondering if you need to complete the FAFSA because your limited aid isn’t going to cover much, it is recommended you do it anyways. Unless you plan to pay out of pocket, you could be missing out of state aid options or financial aid from your school. These sources do not follow the awarding rules of federal student aid, and you don’t want to miss out on these potential funds to help you cover the cost of college. Double check with your school and state financial aid offices if any application beyond the FAFSA is required. 

Scholarships

There are thousands of private scholarships out there, and there could be some scholarships targeting your specific situation. You want to do your research and find scholarship opportunities to help you continue your education. It is highly suggested that you read the terms and conditions for each scholarship carefully to ensure you are eligible to receive or win the financial aid funds. 

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Employer Benefits

If you are employed, check to see what tuition assistance options are through your employer. You may be pleasantly surprised to find options like tuition reimbursement, professional development funds (generally if your degree can be used to improve your job skills at your current job), or student loan repayment assistance. 

Make some time to go through your benefits and if you have questions, schedule a meeting with your HR team. 

Private Student Loans 

Private student loans can be used to help you cover the costs of college. You always want to determine the exact amount you need to borrow to cover your actual school related needs and never borrow a penny more. 

You want to review your private student loan options to determine which lender and loan is best for your situation. 

Compare Featured Lenders

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.74% APR1

Fixed rates as low as: 4.74% APR1

Repayment Terms

5, 8, 10 or 15 years2

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College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.74%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 03/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable Rates: 5.49% APR - 15.83% APR1

Fixed Rates: 4.50% APR - 14.83% APR1

Repayment Terms

10-15 Years6

(undergraduate)

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Sallie Mae Private Student Loans
  • Variable Rates: 5.49% APR - 15.83% APR. Fixed Rates: 4.50% APR - 14.83% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2021, instant credit decisions were provided to 97% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2020 through September 30, 2021. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 02/27/2023

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 5.86% APR1

Fixed rates as low as: 4.62% APR1

Repayment Terms

5, 7, 10, 12 and 15 years

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 5.86% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 3/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

Earnest Private Student Loan

Recommendation
Best for Private Loans
Interest Rates

Graduate Rates

Fixed: 4.45% - 14.15% APR1

Variable:4.99% - 12.29%APR1 

Undergraduate Rates

Fixed: 4.45% - 14.60%APR1

Variable: 4.99% - 14.40%APR1 

Repayment Terms

5, 7, 10,15 or 20 years

Apply Now More Info
Earnest Private Student Loan
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 14.85% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 14.65% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 03/08/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.99% APR (with autopay)*

Fixed rates as low as: 4.49% APR (with autopay)*

Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 4.99% APR - 13.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.49% APR to 13.98% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.98% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Ways to Afford a Second Bachelor’s Degree

Since your financial aid options are more limited, it’s understandable that you may not want to borrow additional loans to pay for your degree, if that’s the case, there are a few techniques you can use to help cut down on the costs of your second degree. 

Attend Your Program Half- or Part-time 

Generally, schools will charge you tuition based on the number of classes or credits you are taking. By reducing your class load, you are reducing both the time commitment for your classes and the costs due at one time. Now if you are counting on federal student loans or private student loans, you may be required to be enrolled at least half-time to maintain your eligibility. Additionally, by going part-time, you will be extending the time it takes to complete your degree, but if this allows you to pay as you go it could very well be worth it. 

Make Sure Your Previous Credits Will Transfer

Different schools will have different policies regarding transfer credits. If there are classes you already took that can be counted towards your second degree, it’s a great way to reduce the number of classes needed to complete your program and save on the amount you need to spend. 

While applying to different programs, make sure to take some time to discuss your previous earned credits and determine what can be transferred to your new program. If your previous degree is in communications and now you are earning a degree in nursing, you may find that very few, if any of your previous credits transfer. However, if your new degree is journalism, you may find that many of your communication credits transfer. Shop around and check with multiple schools to see what each school is willing to accept. 

Look into an Online Program

These days many schools offer online programs, and many times these online programs may be more affordable when compared to traditional in-person programs. This may also up your program options at different institutions. There are different models and types of programs available that may help you achieve your second-degree goals. 

 
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